Meghmani Organics gets going

Meghmani Organics rose over 5% to Rs.78.85 and continues to trade at Rs.78 levels currently. Its 52-week high stands at Rs.85.

Starting yesterday, the company commenced commercial production of two of its plants – the Herbicide 2, 4D Acid Plant at GIDC, Dahej - District Bharuch and formulation plant at GIDC Panoli - District Bharuch.

The herbicide plants was set up at a cost of Rs.127 crore with 10,800 MT capacity and the company said that it expects to achieve additional turnover of Rs. 200 crore on full year of operation. With this expansion the total production capacity of Herbicide 2,4D Acid Plant is now 21600 TPA.

The formulation plant was set up at a cost of Rs.25 crore and this unit is expected to add Rs.25 crore to its total turnover on a full year of operation.

The company is also is planning to set up the multipurpose plant at Dahej at the cost of Rs. 310 crore and this is expected to be commissioned by Q4 FY22.